I was asked this simple question in a roundtable discussion of business owners recently, and to my utter surprise, a very lively dialogue carried on into the night as the group of us debated the challenges and opportunities that affect small business today in comparison with "the way it used to be" just 10-15 years ago.
My opinion, and that of several others that specialize in online business, was that indeed, small business has changed dramatically for those that have discovered and subsequently embraced the new technologies that empower the small business owner.
Of course, the Internet comes to mind as the "killer" tool that has changed the way business is done today from what it was just a few years ago.
There are other advancements, mostly technological, that have had a huge impact as well.
The very nature and foundation of business continues to rest upon tried and time-proven principles that have always been important to business - such things as honesty, value for the money, quality products, timeliness, outstanding customer service, and a host of others.
I doubt that the importance of these principles will ever change.
What has changed drastically are the tools that are available to every business owner that allow her to:
- leverage her time,
- reduce her operating costs,
- research and produce quality products,
- make frequent contact with her prospects and customers,
- reach targeted and passionate buyers around the globe,
- sell and consummate financial transactions without a hands-on presence, and
- collaborate with other business owners in synergistic alliances (joint ventures).
These capabilities make a huge difference in the way a small business can be executed.
They can be harnessed to add immediate and measurable value to a small business venture and to multiply the owner profit on products and services sold.
Long-standing business principles are still critical, and always will be.
But how they are brought to bear on the operation of the business (via the new technologies) can often be the difference between wild success and dismal failure.
Think of it this way: How would you like to be competing directly with businesses that have and are maximizing the use of technology -- while your business has no computer, no Internet connection, and no web site?
